Improvements Needed to Make NY Truly ‘Open for Business,’ Part 2

By Assemblyman Will Barclay
Last week in this space, I described ways in which we can jump-start our economy and better compete with other states.

Our state has a new slogan: NY Open for Business.

There are nice commercials running on the airways and television stations with a catchy, popular song, and the state has revamped its websites and adjusted its image to be one that is inviting to business.

These are good first steps toward promoting our state and attracting businesses, but we need to create policies that actually encourage investment.  This is part two of a two-part column.

Last week I described legislation would create a business startup program and cut all application fees for new businesses by 50% for the first year, eliminate business income taxes for the first year and reduce income tax rates for the second and third year.

I also mentioned establishing a tax credit for patent fees and reevaluating the red tape that has become synonymous with New York.

Another way to create jobs in New York is to focus on areas that are already showing signs of growth, such as technology, and help more jobs come to fruition.

I support legislation that would establish an Innovators Corp, which would identify and encourage the growth of technology-related businesses.

The Innovators Corp would be a group of four highly-qualified professionals appointed by the Governor who could recruit, retain and expand high technology businesses within New York State.

The group would help New York position itself to become a leader in technology business development.

They would also complement the business incubators and higher education establishments we already have here.

We should also pass legislation that would create a High Tech Worker tax exemption.

This would provide an income tax exemption up to $50,000 to an alumnae of high-tech programs for those who either relocate to New York or stay here after completing course work.

This has the potential to attract a large pool of highly-trained and educated workers, which is essential to the technology industry.

To assist existing business, our state should provide a tax credit for expanding and investing in New York.

I sponsor legislation that would create such a tax credit.  Most businesses have to update machinery or move to new operating systems as technology changes and improves.

We should amend the state tax law to expand the eligibility for Investment Tax Credit to all businesses that make new investments in property and equipment.

This would provide relief for existing businesses and remove obstacles for our state’s entrepreneurs.

We should also create the Angel Tax Credit, which provides incentives for investment in targeted industries and technologies, which would encourage investment in businesses that may not otherwise have access to capital and would minimize financial risks to investors.

These are just a few ways we can improve our Open for Business slogan so New York can actually be true to its new name.

If you have any questions or comments on this or any other state issue, or if you would like to be added to my mailing list or receive my newsletter, please contact my office.

My office can be reached by mail at 200 N. Second St., Fulton, NY 13069, by e-mail at [email protected] or by calling (315) 598-5185.

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